Investment bank TD Cowen has lowered the target price for Bitcoin treasury company Strategy from $500 to $440, due to its large-scale Bitcoin purchases through financing, which diluted investor returns. Although it is expected to increase its holdings by 155,000 BTC in fiscal year 2026, the earnings outlook has been downgraded, reflecting the limited benefit of financing to shareholder returns. Analysts remain optimistic about Bitcoin in the long term, expecting significant price increases in the future.